Coinbase announced it would delist Fantom (FTM-PERP) from its exchanges, effective January 24, 2025, at 10:30 AM UTC. This applies to both Coinbase International Exchange and Coinbase Advance.
The final settlement price, according to a post on X by Coinbase, will be determined by the average index price 60 minutes before trading ends. The exchange also confirmed that funding rates will go down to zero before the suspension and that all open positions will automatically close when settlement happens.
The news has made Fantom traders worried about what will happen to the price of the token. At the time this report is written, FTM is trading at $0.6953, up 4.09% in the last 24 hours. However, it has gone down a lot by 11.80% over the past week and 41.62% in the last month. Many fear that losing access to Coinbase could push the price deeper.
Meanwhile, Fantom’s team is gearing up for a big change as it plans to rename the token to Sonic on January 13, 2025. The renaming will also include a token swap on a 1:1 basis.
Binance exchange has come out to support this renaming, and as such, deposits of Sonic will commence on January 16, 2025, and trading pairs will be made available immediately after. It could be that this change might be a reaction by the project to respond to increased difficulties.
The pressure from U.S. regulators is also part of what led to the delist. The CFTC recently requested customer information from the platform as part of its investigation into Polymarket. Following this, the platform notified users that it may be compelled to provide their account information to authorities but assured them that no action on their part is required at this time.
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